Gautam Adani On The Short-Seller Attack: "Headwinds That Tested Us Made Us Stronger"

New Delhi: Gautam Adani, the chairman of Adani Enterprises, gave a reflection today on the company's battle over the last year to protect its honor and reputation from overseas short-seller Hindenburg. Mr. Adani stated during the Annual General Meeting (AGM) that the Group not only survived this storm but prospered, demonstrating that no obstacle could weaken its fundamental strength.
"The true measure of success," Adani said, "is our ability to stand firm in the face of adversity."
"We proved our perseverance last year, and it was never clearer. The Adani Group retaliated against foreign short sellers' attacks against its reputation and integrity. demonstrated that no obstacle could undermine the Adani Group's foundation," he continued.

He noted that the Adani Group had been subjected to a two-pronged attack over the course of the previous year, including political accusations and information distortion timed to coincide with a crucial follow-on public offer (FPO).

He emphasized that the Adani group continued to prioritize the confidence and interests of its investors. While investigating the claims, the Group had given back to investors the ₹ 20,000 crore they had raised through the FPO.The goal of a short-seller attack is to do the most harm possible and diminish market value. We chose to return the funds even though we raised ₹ 20,000 crore through the biggest FPO ever. The choice to give back the FPO proceeds demonstrated our commitment to the investors, Mr. Adani stated.
Adani finished by considering how the challenges they had faced had actually served as impetuses for the group's growth. "The difficulties that tested us," he remarked, "ultimately forged us into a stronger entity, more resilient and prepared for the future."

The Adani Group received a clean sheet from the Supreme Court earlier this year, which upheld SEBI's authority and rejected all accusations. The petitioners were unable to produce sufficient evidence, according to the top court, for the Adani-Hindenburg case to be moved to a special investigation team. Upon determining that the "threshold for a transfer of investigation" had not been met, the court dismissed the applications.